Last updated on August 21st, 2024 at 04:20 pm
Australia’s financial markets watchdog has warned of evolving tactics used by fraudsters leveraging artificial intelligence to deceive and steal cryptocurrencies from unsuspecting victims.
In a statement released on August 19, the Australian Securities and Investments Commission (ASIC) disclosed that since July 2023, it has taken down over 5,530 fake investment platforms, 1,065 phishing links, and 615 cryptocurrency investment scams.
ASIC Deputy Chair Sarah Court revealed that an average of 20 investment scam websites are taken down daily, with investment scams continuing to drive the most significant financial losses for Australians, totalling $1.3 billion in 2023.
She also expressed concern over the rise of deepfakes and AI-generated images, highlighting their role in making it increasingly difficult for the public to identify fraudulent schemes.
“The scams landscape is rapidly evolving. Innovative technology developments may improve how we live and work, however, they also provide new opportunities for scammers to exploit,”
Court stated.
The ASIC noted the common tactic involves creating fake celebrity endorsements from popular figures like Chris Hemsworth and Elon Musk to lure consumers into investments with low initial costs and unrealistic returns. The agency warned local residents to always verify the promises and remain vigilant regarding social media hyperlinks that promote online trading and cryptocurrency investments.
Meanwhile, this development comes on the heels of a major investigation recently launched by the Australian Federal Police (AFP) into a series of cryptocurrency phishing operations that compromised over 2,000 Australian-owned digital wallets.
The investigation follows Operation Spincaster, a probe by blockchain firm Chainalysis, which uncovered widespread “approval phishing” attacks targeting cryptocurrency holders in six countries, including Australia.
AFP Detective Superintendent Tim Stainton emphasised that the intelligence from Operation Spincaster has uncovered new cybercriminal tactics and will aid in identifying victims and disrupting illegal activities in Australia.
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